SECURITIES

NYSE Chairman to Step Down: William H. Donaldson announced that he will not seek a new term at the New York Stock Exchange. Donaldson, 63, co-founder of Donaldson Lufkin & Jenrette, was reportedly under pressure from some members of the exchange’s board. Donaldson said he joined the Big Board with the intention of stepping down after one term and that he did not feel any pressure resign. “I made the decision because I felt the speculation going around was not constructive,” he said. “We have accomplished a hell of a lot.” Richard Grasso, the exchange’s president and a veteran NYSE executive, is considered the leading candidate to succeed Donaldson. The outgoing chairman declined to say what he plans to do after he leaves.